Items Tagged with 'reverse mortgage lending'

ARTICLES

  • Confused about proprietary reverse mortgages? Read this

    If you're wondering how the new products compare, we’ve got you covered
    In the last several months, the reverse mortgage space has seen a handful of new proprietary loans come to market. Now, an industry that once dealt with a single product has a whole menu to choose from. We break down the details so you can see how the new products compare.
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  • Is the future of the reverse mortgage market private?

    Could proprietary products edge out FHA’s HECM?
    There is pretty much one thing everyone is talking about in the reverse mortgage space right now, and it’s the proprietary market. With program changes stifling HECM loan volume, it seems lenders have finally found the push they needed to delve into the realm of private reverse mortgages.
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  • Why reverse mortgages still matter

    Volume is in a slump, but players insist demographics are on their side
    Over the years, reverse mortgages have suffered reputation issues, battled inaccurate news coverage and adjusted (again and again and again) to new regulations. Yet, the industry persists. Talk to any reverse professional and they'll tell you why: It’s the demographics, and the numbers don’t lie.
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  • Reverse mortgage volume falls to 13-year low

    Despite record levels of tappable home equity, program changes have squashed volume
    Reverse mortgage endorsements have dropped 15.5% in June from the previous month, hitting a low the industry hasn’t seen since 2005. To help turn things around, lenders in the space are working to innovate, creating private equity release products that might provide an answer to the industry’s problems.
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  • Mutual of Omaha Bank acquiring Synergy One Lending

    Deal will allow Mutual of Omaha to expand into reverse mortgages
    Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, is expanding its mortgage platform by acquiring Synergy One Lending, a mortgage lender based in California. One important piece of the deal for Mutual of Omaha: acquiring Synergy One will allow the company to expand into reverse mortgage lending.
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  • Philadelphia considering new law designed to limit reverse mortgage foreclosures

    Bill addresses “unscrupulous practices” from some reverse mortgage lenders
    The city of Philadelphia is set to consider new legislation that would “prevent the spread of reverse mortgage foreclosures” in the city by “closing a loophole” in the city’s laws that some lenders allegedly exploit to foreclose on reverse mortgage borrowers.
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  • Reverse mortgage lender AAG expanding into traditional mortgage lending

    Plans growth throughout 2018
    American Advisors Group is one of the nation’s largest reverse mortgage lenders, but now, the company is expanding into traditional forward mortgage lending as well. According to AAG, it began piloting forward lending in 2017, and the company is now ready to roll out forward mortgages on a large scale.
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  • Ocwen considers selling more pieces of lending business

    Discloses that it may exit reverse mortgage lending
    When 2017 began, Ocwen Financial had six mortgage origination lines of business: correspondent, wholesale, and retail in both forward and reverse mortgage lending. But the nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.
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  • CFPB warns about dangers of taking out a reverse mortgage to delay Social Security

    Says claiming Social Security benefits later may not be worth it
    The Consumer Financial Protection Bureau issued a warning to seniors this week, cautioning them that taking out a reverse mortgage in order to delay claiming Social Security benefits could be a financially harmful decision. In its report, the CFPB said it investigated this practice and found that the costs and risks of obtaining a reverse mortgage could exceed the increased amount of a senior’s lifetime Social Security benefits should the person wait to claim their benefits.
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  • Home Point Financial sells reverse mortgage division to Huron Valley Financial

    Latest in series of moves for Home Point since Stonegate Mortgage acquisition
    The last few weeks have been quite busy for Home Point Financial. First, the lender completed its $211 million acquisition of Stonegate Mortgage Corp. Earlier this week, Home Point announced that it is planning to grow its third-party origination channel. But those aren’t the only changes for Home Point, as Huron Valley Financial announced this week that it acquired Home Point’s reverse mortgage division.
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